Difference Between Home and Condo Insurance

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Condo and Home Insurance Basics

Owning a condo is much different than owning a house, which means the insurance coverage you need will also be different. When you buy a home, you are responsible for both the inside and outside of your home, and with a condo you are only responsible for the inside. Make sure you know the differences in these coverage options when it comes to insuring your home to make sure that you have enough protection.

  • Dwelling coverage – the difference in condo insurance and homeowners insurance is most apparent with dwelling coverage. When insuring a condo, you will only need enough protection to rebuild the interior of your unit, since outside repairs will be taken care of by the HOA. With your homeowners insurance, you should invest in enough dwelling coverage to completely rebuild your home after a disaster.
  • Liability coverage – if you own a condo, you can be held responsible if someone is injured when they come to visit your home, which is why you need liability insurance. However, most HOAs will provide liability coverage for any accidents that occur in the common areas. With homeowners insurance, you need enough liability coverage to protect against accidents that happen both inside and outside of your home.
  • Personal property coverage – for both homeowners and condo insurance, your personal property coverage will depend on the amount of assets that you own. The more belongings you have, the more personal property coverage you will need. Creating a home inventory can help to make sure that you have enough coverage for all of your property.

For all your condo and homeowners insurance needs, contact Prutting Insurance Group in Scottsdale, Arizona. We will work with you to make sure that you have enough protection, not matter what type of home you own.